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''Sudan has accepted to reschedule the debts of South Sudan according to the transit fees agreed between the two countries in 2012,'' it noted.

South Sudan will pay more than $3 billion for Sudan to absorb the economic shocks emanating from the loss of the oil revenues after the former's independence in 2011. Sudan has also accepted to drop part of the transit fees, should the international prices decline to under $20 per barrel.

''However, if the international prices are above $50, Juba should pay the transit fees as agreed before,'' the statement said.

Sudanese President Omar al-Bashir in January ordered a review of the oil agreement with South Sudan after Juba submitted a request due to the declining international prices.